The Merge went smoothly… but there could be bumps ahead. Ethereum successfully shifted from proof of work (energy-guzzling) to proof of stake (efficient) last week, eliciting relieved cheers from crypto fans. Now investors can stake their ETH to earn yield (think: interest), creating added incentives for crypto titans and hedge funds to hold ether. But there could be trouble ahead: ethereum devs are warning of post-Merge bugs, and the SEC said Thursday that a crypto that allows people to stake coins and earn yield might be a security.
Construction disruption… The pandemic housing boom has gone bust, and it could hit homebuilders hard. In July, new-home construction fell 10% as soaring mortgage rates and high prices make homes less affordable. US home sales have fallen for six months straight, and homebuilder confidence has dropped for eight months (the worst slump since 2007’s collapse). But homebuilding giants Lennar and KB Home, both of whom report Wednesday, posted rising sales last quarter and upheld their growth forecasts. That could be because inventory’s still tight.